HDFC Bank Education Loan 2023

Students can choose between three different types of education loans from HDFC. Numerous benefits, including low-interest rates, are provided by these loans. These student loans from HDFC Bank have a 15-year repayment duration.

HDFC Bank Education Loan Interest Rates

HDFC Bank Education Loan Schemes

1. Education loan for Indian Education

• Can be availed by an Indian resident between 16 and 35 years of age.
• Should have secured admission through entrance test or on a merit basis.
• Co-applicant is mandatory in the case of full-time courses.
• You can avail yourself of a loan of up to Rs.30 lakh.
• Preferential interest rates are provided in case you have secured admission at a top university.
• Repayment tenure can go up to 15 years.
• The processing fee is a minimum of Rs.1000 and a maximum of up to 1% of the loan amount, which is higher.
• No hidden charges.
• Minimal and simple documentation.
• Avail of pocket-friendly EMI repayment options.
• Rebate on the paid interest under Section 80E of the Income Tax Act 1961.
• No collateral is required for an education loan of up to Rs.7.5 lakh.

2. Central Government Interest Subsidy Scheme

• Avail of loans at subsidized interest rates.
• Interest is waived during the moratorium period.
• Can be availed of the annual gross income from all sources in below Rs.4.5 lakh.

3. Education loan for Foreign Education

• Can be availed by an Indian resident between 16 and 35 years of age.
• Should be able to offer collateral for certain cases (Moveable or Immoveable)

You can avail of an unsecured loan of up to Rs.45 lakh.

• Co-applicant is mandatory in the case of full-time courses.

Preferential interest rates are provided in case you have secured admission at a top university.

Education loans can be availed for more than 950 courses in 36 countries.

• The entire cost of reduction can be covered with collateral.
• Repayment tenure can go up to 14 years.
• Minimal and simple documentation.
• No hidden charges.
• Avail of pocket-friendly EMI repayment options.
• Rebate on the paid interest under Section 80E of the Income Tax Act 1961.

How to Apply for HDFC Bank Education Loan

HDFC Bank accepts applications for student loans both online and offline. To submit an online application, go to the bank’s website and follow the instructions. Furthermore, you can apply for an education loan by visiting a bank and completing the required paperwork.

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Documents Required for HDFC Bank Education Loan

The documents that need to be submitted if you wish to avail of an education loan from HDFC bank are listed below:

1. Education loan for Indian Education for Pre-sanction loans

• Duly filled application form
• Latest photograph (Signed Across)
• Admission letter from the institute with the fee break – up
• Academic mark sheets (SSC, HSC, and Graduation)
• Age proof
• Identity proof
• Residence proof
• Signature proof
• Salary slips of the last two months carrying the date of joining details (Salaried)
• Bank statement of the salary account for the last 6 months (Salaried)
• ITR of last two years with computation of income (Self-employed)
• Audited Balance Sheet or Profit and loss statement for the last 2 years (Self- employed)
• Bank statement for the last 6 months (Self-employed)
• Latest Sales or service tax return as proof of turnover (Self-employed)
• Proof of qualification (Self-employed)

2. Education loan for Indian Education for Post-sanction loans:

Even for post-sanction loans, you will be required to submit the above-mentioned documents. Along with them, you will also be required to submit the following:

• Completed loan agreement signed by the applicant and co-applicant
• PDCs, ACH, or SI Mandate
• In the case of ACH and SI modes of repayment, three security PDCs need to be submitted.

3. Central Government Interest Subsidy Scheme

• Original income certificate issued by an authorized officer of the State government under the scheme
• Original Bonafide student letter that has been issued by the institute.
• Interest subsidy agreement stamped as per the State Stamp Act.
• Aadhaar number of the students.
• Any additional documents requested by the bank must be submitted as well.

4. Education loan for Foreign Education

• Duly filled application form
• 2 passport-sized photographs of the applicant and co-applicant
• Photo ID (Anyone)
  • Voter ID
  • Aadhaar card
  • Driving License
  • Passport
  • PAN Card
• Residence Proof (Anyone)
  • Voter ID
  • Aadhaar card
  • Driving License
  • Passport
• Academic documents
  • Marksheet/certificate of 12th Exam
  • Marksheet/certificate of subsequent years of education
  • Scholarship documents (if applicable)
  • Marksheets of any entrance exam (if applicable)
  • IELTS/TOEFL/GMAT/GRE mark sheets if applicable
• Admission proof
• Bank statements of the co-applicant for the last 8 months
• Salary slips for the last 3 months or salary certificate on employer’s letter (Salaried co-applicant)
• Income tax returns for the last two years (Salaried and Self-employed co-applicant)
• Lease deed, Utility bill, a title deed, etc. to serve as proof of office (Self-employed co-applicant)
• Certified financial statements or provisional financial statements duly certified by a CA for the last 2 years (Self-employed co-applicant)
• Any other income proof not reflected in the above documents may also be asked for by the bank officials.
• In case, the immoveable property is provided as collateral you will be required to submit:
  • 7/12 extracts in case of land.
  • Registered sale agreement along with society share certificate.
  • Property title deed.
  • Original registration receipt for the above agreement.
  • Approved building plan.
  • Encumbrance certificates.
  • Latest property tax bill along with receipts.
  • Latest maintenance bill along with receipts issued by the builder/society.
  • Allotment letter by a municipal corporation or authorized Government Authority like MHADA, CIDCO, etc.